Buy a vehicle and put credit card debt in with the low interest.

[nelson84]

I bought a truck and the car salesman asked if I wanted to put some other debt in with the car payment I didn't but I wished that I did. 20% down to 4%, I missed out. So if your buying a car think about ditching some credit card debt in with it.

 

[supersnoop]

You can always refinance and pull out some cash for whatever purpose you desire.

 

[seashoreCM]

Even if you are able to refinance the car loan to pull out cash, chances are you won't get as low (here, 4%) a rate compared with the original offer.

The disadvantage of piling more debt, particularly unsecured debt or credit card debt, onto a car loan or home equity loan is that if you fall on hard times and don't make the payments then the car will get repossessed more quickly or the house foreclosed upon more quickly.

 

[kymom99]

Even if you are able to refinance the car loan to pull out cash, chances are you won't get as low (here, 4%) a rate compared with the original offer.

The disadvantage of piling more debt, particularly unsecured debt or credit card debt, onto a car loan or home equity loan is that if you fall on hard times and don't make the payments then the car will get repossessed more quickly or the house foreclosed upon more quickly.

Not to mention it will take longer for you to get above water on the car loan. If something happens, like the car gets totally, you might owe more that you get from the insurance.

 

[ellie05]

Amex has offer $500 back in certain brand purchase before. My sister did this instead of giving a check for down payment I added her to my Amex account she put the down payment on the card got the $500 rebate plus rewards and paid it off right away.

But I wouldn't put credit card debt in a car loan. Unsecured loan to secured loan is just a bad move.

 

[tvguy]

Those dealers that specialize in "challenged" credit really aren't in the business of selling cars. They are in the business of selling credit. A co-worker went in to one and offered full asking price in cash for a used car, dealer wouldn't accept the offer. The cars are sold near cost, they make the money on the loans.

 

[Buzzsgramma]

Dave Ramsey and Susie Orman are having heart palpitations on this advice

 

[nelson84]

Dave Ramsey and Susie Orman are having heart palpitations on this advice

That Susie Roman would rather see you starve than not pay off your credit card in full. I turn it off when she came on the tv drove me nuts.

 

[ICF]

Dave Ramsey and Susie Orman are having heart palpitations on this advice

Probably so given Ramey's disklike of CCs -- even though they are great if used properly.

 

[supersnoop]

Dave Ramsey and Susie Orman are having heart palpitations on this advice

Just one more reason their advice doesn't apply to people with even a small amount of self control. Trading 19% debt for 2% debt seems like a great idea to me.

 

[Lulubelle17]

You should never turned unsecured debt into secured debt. Make sure you do your research before you fall for tricks like that. Also, if you had enough credit card debt that you would consider putting into your car loan, you should take a look at your spending habits and make sure you don't rack up more debt.

 

[tvguy]

That Susie Roman would rather see you starve than not pay off your credit card in full. I turn it off when she came on the tv drove me nuts.

LOL. Most of the people featured on those shows were just plain idiots. THEY would rather STARVE than live without a Coach purse, big screen TV or the latest smart phone. But this is America, where we have a right to be idiots.

 

[hsmamato2]

oh wait, I was gonna reply but then realized who the OP is.... One word that begins with a "T" and ends with an "L" and rhymes with "ROLL"

 

[Kimberly9701]

I bought a truck and the car salesman asked if I wanted to put some other debt in with the car payment I didn't but I wished that I did. 20% down to 4%, I missed out. So if your buying a car think about ditching some credit card debt in with it.

Where do you live? In the USA?

You CAN get cash back for a trade in to pay off other debt. You can NOT roll in additional debt in to an auto loan. It's illegal and impossible.

You could take a home equity line of credit and pay for an auto purchase and other debt etc etc Any kind of personal loan you could use to pay more than one item.

An auto loan? NOPE.

So to anyone reading this thread... WARNING : Don't Try This At Home

 

[hsmamato2]

 

[nelson84]

Where do you live? In the USA?

You CAN get cash back for a trade in to pay off other debt. You can NOT roll in additional debt in to an auto loan. It's illegal and impossible.

You could take a home equity line of credit and pay for an auto purchase and other debt etc etc Any kind of personal loan you could use to pay more than one item.

An auto loan? NOPE.

So to anyone reading this thread... WARNING : Don't Try This At Home

Canada. And yes you can do this the dealers put up banners at the car lots with the credit card thing. So don't go all sideways on me.

 

[hsmamato2]

as in "TROLL" people.....